Dear Community,

MorningStar, the provider of our equities fundamental data, is deprecating its current dataset and replacing it with a new version. While the new version is significantly better, it is not identical, so strategies relying on it will change. The old dataset will soon be terminated, so if you use fundamental data, we recommend starting the migration to ensure a smooth transition. 

The new data expands company coverage, delivers more frequent valuation updates, and corrects the historical reporting dates of ratios and other derived fundamentals.

Testing the New Dataset

During October 2026, we will maintain both datasets in production. From today until October 10th ("beta period") the new data is available by explicitly opting in from the project panel. From the 11th to the 31st, we will make the new MorningStar data the default, and provide a "legacy" version you can select in the LEAN Engine Version selector. The old dataset will be fully retired from backtesting and live trading on October 31, 2026.

Migration Differences

We've published an interactive Migration Atlas so you can inspect the differences by company, year, property, and reporting window. It identifies unchanged, changed, reduced, lost, and new data, with explanations for the differences.

Coverage increases from 8,717 to 9,705 companies in our migration comparison, with history still beginning in January 1998. Morningstar now publishes price multiples, including P/E and P/B, daily instead of monthly. The larger pool of companies with fundamental data can change your universe selection, even when the values for companies you previously selected remain unchanged.

It has also corrected how historical ratios, growth rates, per-share figures, and averages are dated. A few of the old feeds assigned these values to the end of the reporting period, before the underlying statements were public. We now date them to the statement filing, moving their availability later by a median of 63 days, addressing look-ahead bias in those fields. For statements before 2013, the new feeds lack actual filing dates. We preserve dates from the previous dataset where available and otherwise apply a nominal 45-day delay.

Some changes require you to review your algorithm's calculations. Morningstar recalculated historical series and changed the sign convention for certain expenses and outflows, including cost of revenue and operating expenses. Some properties and periods have been retired, but their LEAN members remain available so your code can compile, but reading them will now throw a NotSupportedException that identifies an alternative when one exists. For example, DividendCoverageRatio.ThreeMonths is retired, while DividendCoverageRatio.TwelveMonths remains available. Some properties do not have a replacement and will require changes to the logic that uses them.

Please test the new dataset before October 31 using the selector in your project panel and the migration guide. Run a short backtest to identify retired members, then compare your strategy over the same period on both datasets. Investigate differences before changing parameters, and review the impact on your live algorithms, whose values and universe selections can also change.

We apologize for the disruption this migration has caused and understand that revisiting your research and live algorithms is a significant undertaking. Morningstar will not continue the previous dataset, so remaining on it after October 31st will not be possible.

Sincerely, 

QuantConnect Team